Belarus interest rate
National Bank of the Republic of Belarus
- Policy rate
- 9.25%
- Aug 2026
- Last move
- −0.50 pt
- Jun 2026
- Inflation
- 4.3%
- Aug 2026
- 10-year bond yield
- –
- not available
The policy rate set by the National Bank of the Republic of Belarus is 9.25% as of Aug 2026. Its most recent move: it cut its rate from 9.75% to 9.25% (Jun 2026). The rate is 0.50 percentage points lower than a year earlier. With consumer prices up 4.3% over the 12 months to Aug 2026, the real rate (policy rate minus inflation) is +5.0%: borrowing costs are above inflation.
Policy rate over the past two years
Aug 2026: 9.25%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Jun 2026 | Cut | 9.75% | 9.25% | −0.50 pt |
| Jun 2025 | Hike | 9.50% | 9.75% | +0.25 pt |
Changes between month-end rates. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Aug 2026: 4.3%
Other central banks in Europe
Source: IMF monetary statistics; inflation: IMF CPI. Updated daily. All central bank rates · Belarus economy dashboard